Shriram Life Term Insurance

FAQs on Shriram Life Term Plan

• Do the Term Insurance plans from Shriram Life insurance offer Suicide exclusions?

  If for any reason the policyholder commits suicide while being in either a sane or an insane state of mind within a stipulated period of 1 year from the date of inception, then 80% of the premiums paid along with any extra rider premium will be paid to the nominee and if the suicide of the policyholder who may be in either a sane or insane state of mind takes place within 1 year from the date of revival of the policy, then the nominee is paid a value which is higher of either 80% of all premiums including rider premiums paid or the surrender value of the policy

• Does the policy allow cover for minors?

  Yes. The policy covers minors but the cover in such instances will kick in only after the first policy anniversary and in the unfortunate event of demise of the minor prior to the first year, the benefit paid will be the refund of all premiums paid to date.

• Does the policy offer a free look period?

  The term insurance plans from Shriram Life insurance have a free look period of 15 days for all policies purchased through any other delivery channel apart from distance marketing and for those policies purchased through distance marketing, the free look period is 30 days.

• What are the deciding factors for premium amount?

  The deciding factors for the premium amount to be paid is age of the policyholder, the sum assured and the term of the policy and the term of the premium payment. The premiums charged are exclusive of service tax which can be claimed as additional monetary charges applied to the premium amounts